google-site-verification: googlea74c1dbc0ed24fc0.html Atlantic City Plugged In: METROPOLITAN OPERA HOUSE IN PHILADELPHIA TAKES NEXT STEPS FORWARD; RECEIVES MAJOR BOOST IN FUNDING



 Source Live Nation

North Broad Street received a major boost this week with a $56 million loan package championed by Billy Procida, Fulton Bank, PIDC and Enhanced Capital based in New Orleans arranged in part by Keith Delaney of Woodland Consulting. A partnership between Live Nation, Eric Blumenfeld and Reverend Mark Hatcher and the Church of the Holy Ghost have been hard at work to bring back this great monument of history originally built in 1908 by Opera Impresario, Oscar Hammerstein, grandfather of the great lyricist of Rogers and Hammerstein fame who is widely considered the greatest lyricist of all times.

Reverend Mark Hatcher is generally acknowledged to be the savior of the Metropolitan Opera House which was originally slated for demolition over 10 years ago. “I saw the importance of saving this great building and my congregation gave me the strength to hang in there knowing that a man like Eric Blumenfeld would one day come along. When I saw him save the Divine Lorraine Hotel just down the block, I knew that the Met was coming next. This is an unbelievable partnership that honors and saves our church where we are excited to continue our worship on Sundays and together with the great strength of Live Nation and Eric, revitalize this incredible historic landmark for Philadelphians and our welcomed visitors to enjoy well into the future.”
“This is an amazing project that we are honored to be a part of it and so grateful for the funding that was just announced,” said Geoff Gordon, Live Nation Philadelphia Regional President. “The Met in Philadelphia is still a new thing for most people!   I think a lot of people have a misconception when they hear ‘The Met’ – that it’s in New York – well, Philly has one too, and ours has been a part of the Philadelphia culture for many years.  The reincarnated Metropolitan Opera House is about to become one of the greatest venues in the world,” Gordon added.

“I knew Eric was a star the moment I met him,” said Billy Procida,”I have done a lot of development and finance in my 35 year career but this is just the greatest neighborhood reinvigoration I have ever been associated with. I am proud to be the facilitator and I know we have only scratched the surface of what the future can bring to the North Broad Street Corridor,” said Billy Procida. Domus Construction has completed multiple projects on North Broad Street with Eric including the Divine Lorraine Hotel, The Thaddeus Stevens Building and the Studebaker Building. Domus President Ed Hillis interjected, “Eric is a real visionary and he knows his stuff, he is a pleasure to work with.”

“I’d like to thank Darrell Clarke, John Grady, Jim Kenney, Tom Wolfe, Domus Construction, AOS Architects, Procida Funding and Advisors, Fulton Bank and Sarah Stroney at PIDC and Geoff Gordon without whose support, this building would have been lost forever,” said Eric Blumenfeld. “My prediction is that the North Broad Street Corridor will just get better on December 13th of this year when we open and better and continue to attract the best and the brightest from all sectors of the economy. It is a great place to live and work and as time goes on it will become a major destination. We have great infrastructure, transit stops at every block and a strong knit community. Reviving Philadelphia’s Metropolitan Opera House, will create a tremendous economic catalyst for the North Broad driving several hundreds of thousands people north of City Hall and creating more sustainable jobs in the community.  There are lots of underutilized, essentially industrial type properties with great potential for conversion  to futuristic office, residential and commercial uses that could accommodate as much 8-10 million ft.² of future development over the next decade, all of which will be nestled in between the city’s best historic buildings that are now being re-purposed and are about to become magnets to an overall development plan that is the true essence of Philadelphia’s ability to build new, interspersed with old. It is really an exciting time right now with the Amazons of the world starting to zero in on Philadelphia.”

EB Realty Management Corporation
EB Realty Management Corp. (EBRM) was founded in 1995 and is solely owned by its principal Eric Blumenfeld. EBRM in one of the premier real estate management firms in the City of Philadelphia. EBRM focuses its efforts on repositioning assets in the Philadelphia marketplace. It has specialized in developing anchor properties that serve as a catalyst for further development in under developed communities.

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